Hawaii bankruptcy filings fall to 5-year low in September

The number of Hawaii residents and businesses filing for bankruptcy fell in September to the lowest level in more than five years, according to data released today by U.S. Bankruptcy Court.

There were 153 bankruptcies filed in September, down 4.4 percent from the same month a year ago. The September total was the fewest number of cases since February 2008 when there were 141 bankruptcy filings.

Filings fell 15.3 percent on Oahu to 94 cases in September from 111 a year earlier. Hawaii County experienced a 16.7 percent decline to 15 cases from 18 cases during the same period last year. The number of filings in Maui County rose to 32 from 25, an increase of 28 percent. Kauai County filings doubled to 12 in September from six a year earlier.

The bulk of the filings in September -- 113 cases -- were filed under Chapter 7 of the federal bankruptcy code, which calls for liquidation of a debtor's assets. There were 38 filings under Chapter 13 and two under Chapter 11.